Data Facts Lending Solutions Blog

Tax Identity Theft- How it Happens, and How to Prevent It

Posted by Matt Holmes

Jan 20, 2020 9:02:00 AM

“Identity theft is not a joke, Jim!” This was Dwight’s reaction as Jim arrived at work donning his trademark glasses and dress shirt on NBC’s The Office. To the mortgage lending community, Identity theft is, in fact, not a joke. And the realities of it can be a quite a bit more sinister than a prank played between two coworkers. So it’s no surprise the Federal Trade Commission has declared next Monday as the beginning of Tax Identity Theft Awareness Week.

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Topics: mortgage fraud, tax return verifications

New Law Requires Taxpayer Consent for IRS Transcripts

Posted by Matt Holmes

Jan 3, 2020 9:25:38 AM

The Taxpayer First Act, a new law passed in July of last year, includes important provisions for lenders regarding the use of IRS tax transcripts, effective December 28th, 2019.

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Topics: Compliance, tax return verifications, TRV, IRS

IRS Implementing New Doc Rules for Tax Transcripts Effective March 1

Posted by Diana Agee

Feb 11, 2016 1:33:18 PM

The only thing constant is change. The person who first said that knows what they are talking about, especially in regards to the mortgage lending industry. 

Tcomingo_soon_announcement-1.jpghe IRS is requiring a new 4506-T for all tax return verification orders, as well as a change in how to complete Line 5. The March 1st deadline is upon us, and Data Facts is committed to helping our customers minimize the chance of getting an order rejected by the IRS. Follow this 3 step process to be ready for the change. 

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Topics: tax return verifications, TRV, IRS

Tax Identity Theft Awareness Week: IRS Imposters Targeting Taxpayers

Posted by Jennifer Hamby

Jan 26, 2015 4:51:52 PM

Tax season may just be getting started, but tax scammers have been hard at work. In fact, the Federal Trade Commission (FTC) has gotten thousands of complaints about one kind of scammer in particular — IRS imposters. 

Here’s how they work: scammers posing as IRS officials call and say you owe taxes. They threaten to arrest or deport you, revoke your license, or even shut down your business if you don’t pay right away. They may know your Social Security number — or at least the last four digits of it — making you think it really is the IRS calling. They also can rig caller ID to make it look like the call is coming from Washington, DC. 

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Topics: tax return verifications

The High Cost of Mortgage Fraud

Posted by Jennifer Hamby

Dec 5, 2014 11:53:53 AM

Currently, Over 80,000 mortgage applications each year have what is considered “HIGH FRAUD RISK” and the cost to lenders and the financial system are estimated to be BILLIONS!! 

Mortgage fraud is defined by the Mortgage Bankers Association as “any misrepresentation to the lender from a mortgage applicant for the purpose of being approved for a mortgage that the applicant would not otherwise qualify in order to obtain property, or simply profit”. It is a crime with severe penalties yet continues to be one of the fastest growing crimes in the US.

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Topics: MBA, Mortgage, lending solutions, Mortgage compliance, mortgage fraud, tax return verifications, TRV, BankerVMS

Tax Return Fraud: A Billion Dollar Industry

Posted by Jennifer Hamby

Jun 25, 2014 7:30:00 AM

Did you know that the number 1 crime in America is Identity Theft?   And the fastest growing sector of Identity theft is, tax return identity theft, with close to 1 million cases of tax return fraud this year alone.  Due to its fast rise, many are calling this type of identity theft an epidemic, and in fact the IRS has listed “false tax return fraud” a TOP PRIORITY, assigning more than 3000 employees to investigate these cases and trained an additional 35,000 in the basics of ID Theft.

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Topics: tax return verifications

Easy Ways to Avoid TRV Kickbacks

Posted by Jennifer Hamby

Jun 24, 2014 1:41:09 PM

Ordering Tax Return Verifications can be a nightmare if you keep getting kickbacks due to inaccurate information when you order.  Don’t let mistakes slow you down.  Save time and money by making sure you fill out the 4506-T form accurately.  Here are some helpful hints when ordering your TRV.

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Topics: tax return verifications, Mortgage Lending, TRV

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